By now you would have heard about Renovation Trust and what we do. But do you know how the process really works? There are 6 quick and easy steps that allow homeowners and contractors to complete renovation projects in the most seamless way possible.
1. Create a project and invite the other party
Either the homeowner or contractor can create a project and invite the other party. To create a project, log into your Renovation Trust account from our website or app. Once logged on, you’ll notice the (+) sign at the top right corner of the Projects page. This is where you create your project. In order to create a project you will need to enter the location of the project and its scope of work. If you know the price of the project or the milestones, you can enter it before sending the project to the other party. We offer advice and a step-by-step process on how homeowners can invite their contractors and how contractors can invite their customers.
2. Homeowners fund the project
Once the other party has accepted the invite to the project, homeowners fund the project before the contractor can start work. Why? To simply put it, we protect your money. This does not mean the contractor will receive this money prior to work being completed or approved by the homeowner. To fund a project, homeowners deposit the project funds into their protected Renovation Trust account. We offer homeowners seven different ways in which they can fund their project. Renovation Trust holds the project money so homeowners never give a deposit to a contractor and contractors know their business is secure. If you need more information on how it works for homeowners or contractors, contact us!
3. Contractor is notified and starts work
Once a homeowner funds the project, the contractor is notified and can begin work.
4. Upon completion of a milestone, contractor requests payment
Upon completion of a milestone, the contractor will request payment from the homeowner through their Renovation Trust account. This will notify the homeowner and prompt them to approve the work and release funds to the contractor.
5. Homeowner approves work and releases funds to the contractor
Once the work has been approved, the homeowner will release funds for that milestone to the contractor. The contractor will be notified and can then proceed to continue to work on the next milestone.
6. Contractor receives funds for that milestone from Renovation Trust
The contractor will receive funds from Renovation Trust in one of five ways. We recommend contractors selecting an EFT as the preferred method of payment. EFTs are the fastest and easiest ways a contractor can get paid.
There you have it! In just 6 steps, homeowners complete their dream renovations and contractors get paid easier. Have any questions or concerns? Explore our website or contact us and a member of our support team will be happy to assist you!